Genocide is one of the most emotionally powerful political terms. As with all powerful uses of language, it is likely to be overused. So is it applicable here?
Genocide must be considered in the context of events that are undisputably genocidal. Chief among these, at least in common political understand, is the Nazis' genocide against the Jews (and we can add some other groups in there as well, but at the risk of slighting them, I'm keeping this simple). The Nazis' goal was the elimination of entire population of European Jews. Their methods were to target all Jews for transportation to death camps for execution for the mere fact of being Jewish. Six million were deliberately killed. They were not battle deaths nor collateral damage (as horrible as those deaths are, too).
We can also look at the attempted genocide of Tutsis by Hutus in Rwanda. This was in execution a house to house search for Tutsis for the purpose of slaughtering them. While a party of a civil war, civilians of all ages and genders were purposely targeted. Within 100 days, more than half a million people were killed.
Then there is the Turkish genocide of Armenians, during WWI. Between half a million and a million Armenians were killed. Again, Armenians - all ages and genders -were specifically targeted for death, based purely on their ethnicity and religion.
Israel is not doing that to Palestinians. There is no determined attempt to eliminate all Palestinian from Palestine or even from Israel itself. There is no rounding up of people of all ages for the express purpose of killing them. There is no systematic hunting down of Palestinians.
There may be a reasonable argument that they are engaging in ethnic cleansing. During the first war against Israel half a million Palestinians fled or were expelled from the territory that Israel initially claimed, and were denied the right of return. There is also the Israeli takeover of the West Bank (although as ethnic cleansing that is not undisputable, as Israelis, or so I understand, generally move into unoccupied territory (not I wonder why it's unoccupied)). But there is no Israeli genocide of Palestinians unless we gut that word of its more powerful meaning.